KB Kookmin Bank, a Major South Korean commercial lender, has recently signed a Memorandum of Understanding with Atomrigs Lab blockchain technology firm to explore various crypto asset management and protection solutions.
According to Yonhap News, a Korean news outlet, the June 10 MoU, focuses on new crypto-related businesses and digital asset market growth.
Atomrigs Lab — a firm that specializes in financial sector blockchain development — uses next-generation cryptography to develop digital asset protection technologies that are based on blockchain-based.
As per the press release, the two firms will develop digital asset management services using data protection technologies and internal control infrastructure of both KB Kookmin Bank and Atomrigs Labs.
Ostensibly, the companies will also create an ecosystem that bridges the financial and blockchain sectors under the cooperation.
The acronym ‘ABCDE’ — representing artificial intelligence, blockchain, cloud, data, and ecosystem — will be used as the core technology focus of KB Kookmin.
Since last, the bank had prioritized promotion of digital transformation, according to Yonhap.
Also in Last year, Korea’s Financial Supervisory Service (FSS) put KB Kookmin Bank under close regulatory scrutiny. After the review, the FSS criticized the bank and Nonghyup Bank (its fellow domestic institution) for not following the stipulated anti-money laundering regulations as far as managing of cryptocurrency transactions is concerned.
FSS only ordered accounts contracted with a real-name verification service — and not crypto exchange accounts — to be subsequently improved.
As part of the usual strict compliance checks, Korea’s Financial Services Commission inspected domestic banks that offer crypto exchanges services, including KB Kookmin Bank.